Question

The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Postclosing Trial Balance June 30, 2019 Postclosing Trial Balance June 30, 2020 Transactions July 1, 2019, to June 30, 2020 Debits Credits $1,274,000 $1,310,400 1,316,000 1,279,600 Cash Taxes Receivable $490,000 28,000 $518,000 $453,600 64,400 $518,000 Allowance for Uncollectible Taxes Accounts Payable Fund Balance 5,600 1,296,400 5,600 92,400 420,000 $518,000 7,000 1,278,000 17,000 7,000 74,000 437,000 $518,000 There were no transfers into the General Fund, but there was one transfer out. Prepare journal entries to record the transactions for the fiscal year ended June 30, 2020. Include closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Event Credit Debit 1,316,000 1 Answer is not complete. General Journal Taxes Receivable Allowance for Uncollectible Taxes Revenues Control 1 >IS 7,000 1,309,000 2 2 Cash 1,274,000 Allowance for Uncollectible Taxes Taxes Receivable >>> 5,600 1,279,600 3 3 1,278,000 Expenditures Control Accounts Payable >> 1,278,000 4 4 1,296,400 Accounts Payable Cash 1,296,400 5 5 22,400 Other Financing Uses-Transfer Out Cash O 22,400 6 6 1,309,000 Revenues Control Expenditures Control Fund Balance-Unreserved >> 1,278,000 31,000

Answer 1

From the above it is assumed that u need help for journal entries 5 & 6. The correct amounts and calculations are shown below:

Event	Journal Entry	Debit ($)	Credit($)
5	Other Financing uses- Transfer out A/c Dr                   To Cash A/c (Being Transfer made out of general fund is recorded)	14,000	14,000
6	Revenues control A/c Dr             To Expenditure control A/c             To Other Financing uses- Transfer out A/c             To Fund Balance- Unreserved (bal fig) (Being the balance is transfered to Fund balance a/c)	1,309,000	1,278,000 14,000 17,000

Working notes :

Calculation of amount of Other Financing uses - Transfer out = Cash paid - Accounts payable paid off

                                                                                                  = $1,310,400- $1,296,400

                                Amount of Other Financing uses = $14,000